From year to date the drawdown was negligible and the market players have been betting huge on Indian market. This doesn’t mean that the market has hit the highest point. Nifty is expected to be at the bottom for few more days before gathering steam to break the 10500 mark which is the resistance point now. Cooling off from the high is much needed as the market went like a bullet train without breaks.

India’s exports have not been solid enough at least post GST. Market players expect there is good room for select export oriented companies to post solid earnings in the next 2-3 quarters. It is imperative to look into the export oriented companies which would show sales as well as profitability growth.

We still think that the market may go down further and we have to eagerly wait for the bottom of the market.